Pope Leo XIV Reverses Francis' Vatican Financial Centralization

Pope Leo XIV has begun reversing some of Pope Francis's controversial financial reforms by canceling a 2022 law that had centralized the management of the Holy See's assets exclusively within the Vatican bank, the Institute of Religious Works (IOR). The new decree allows the Vatican to generally use the IOR but also permits turning to non-Vatican banks abroad if deemed more efficient or convenient by the Vatican's investment committee, signaling a recalibration of Vatican financial powers. This move responds to concerns that the previous law contradicted the Holy See's founding constitution, which assigns asset administration to the patrimony office APSA. Additionally, Pope Leo has taken steps to restructure Vatican leadership, such as removing Monsignor Roberto Campisi, a close associate of Francis, from a key fundraising position due to concerns about transparency and lack of expertise. Leo has emphasized that the Vatican's financial situation is not as dire as often portrayed and credits some improvement to Francis's earlier reforms. These actions indicate Pope Leo's intent to correct problematic financial decisions and enhance accountability within the Vatican's financial administration.